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LONDON (Alliance News) - Red Rock Resources PLC said Wednesday its subsidiary Steelmin Ltd has ramped up plans for commercial production at its ferrosilicon plant in central Bosnia.
At the beginning of May, Steelmin - which is 22% owned by Red Rock - began to heat and power up Furncae V at Jajce, where the "ramp up towards commercial production has proceeded to plan".
The ramp-up is expected to continue over the coming weeks to build to full power including laboratory checks on the material being produced.
Steelmin's plant will initially consist of the refurbished Furnace V, which will produce 29,000 tonnes of ferrosilicon per annum and 5,800 tonnes of microsilica, and after a planned, but as yet unfunded, refurbishment of a second furnace, it will have a combined annual capacity of 48,720 tonnes ferrosilicon and 9,700 tonnes of microsilica.
Chairman Andrew Bell said: "On behalf of all our shareholders, we congratulate the team at Steelmin on successfully reaching this important milestone and look forward to announcing further progress in the days to come."
Shares in Red Rock Resources were down 5.5% Wednesday to 0.85 pence each.
